Never miss an update

Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Style: Booties
Brand: Marc Fisher Width: Medium (B, M)
Never miss an update

Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81 -

    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81
    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81
    Vintage Taupe color, Ostrich leather cowboy, women's boots, USA made, size 5.5 ASplendid Women's Dale II Ankle Boot - Choose SZ/Color , New! $298 JOIE Adria Suede Boots in Powder Color, Size 38 , COLE HAAN CHEEP FUR BOOTS SHOES WATERPROOFFranco Sarto Flavia Sz 8 Boots Black Women's Zip Closure Fashion Fall Winter , Calvin Klein Women's Carli Slouch Boot, Black, 7 M US , Dr.Martens Pascal II 8-Eyelet Indigo Womens Montelupo Leather Combat Ankle BootsJOHN FLUEVOG Derby Swirl Womens 7 Black Ankle Combat Biker Boots Angel Sole , FRYE Jane 14 Stitch Knee-High Boots 049, Dark Brown, 7.5 USAquatalia Black Leonie Weatherproof Leather Booties US9.5, Euro41, UK7Isaac Mizrahi Suede Over-the-Knee Zipper Boots Block Heel Black 6.5M NEW A2825668 Open Toe Over The Knee Fashion Thigh High Grey Boots Luichiny N I B , Stuart Weitzman Boots Knee High Heels Tall Suede Pointy Toe Brown 8.5 M Spain , Carlos by Carlos Santana Women's Sterling Western Booties Burbon Size 6 M , * Arche France Black Leather Mid Calf Wedge Heel Full Zip Boots 39 (USA 8) , Calvin Klein Womens priya Suede Almond Toe Knee, Black Leather/Stretch, Size 7.5STEVEN BY STEVE MADDEN SENILE BLACK LEATHER BOOTIE SIZE 7Harley Davidson Women's Kelso Black Textured Ankle Boots Shoes D83897 , new VINCE CAMUTO black leather buckled TALL FLAT riding BOOTS 9.5 - classicMou Eskimo Lavender Gray Sheepskin Crochet Sneakers Ankle Boots 38 8 , AGL Dark Navy Leather Round Toe Ankle Booties Size 37 NWOB Made in ItalyPskaufman Tolteca Harenss Boot Size 10 MSRP: $240 Urban Outfitters Leather , New! Merrell CHATEAU Mid Pull Booties NIB 9.5 Women's Waterproof Suede OAK Brown8100 Melrose Black Leather High Vamp Elastic Lug Boot , Caterpillar Women's Arabella Kiltie Accent Ankle Strap Sandal - Choose SZ/Color , Franco Sarto Womens Knoll Suede Square Toe Knee-High Boots Shoes BHFO 5281 , NIB BED STU Lorn Tan Rustic White BFS Ankle Boots Booties Womens 7 6.5 , Frye Melissa 77167 Women Brown Leather Tall Knee Low Heel Riding Boots Sz 8.5 BLa Canadienne 8358130 Camel Shearling Boots Waterproof 7 Canada w/ Box Receipt ,
    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81 ->Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81 -
    Gentlemen/Ladies Womens corral boots size 10 Consumer first High-quality materials Popular tide shoes2017 New Adidas NMD R2 Runner PK Primeknit Core Black White Red BB2951 SIZE 4-11Adidas NMD CS2 PK mens BA7189 trainers sneakers SAMPLE , Man's/Woman's Converse Chucks Monochrome 559942C Beige Durable service Ranked first in its class cheap price , Jeffrey Campbell Play zOMG Platform Shoes Womens Yellow/Silver Trainers Sneakers , Ladies Harley Davidson Riding Appropriate Motorcycle Boots Abbie ~ KLady's Court Embroidered Suede Shoes Party Blcok Mid Heel Shoes Evening FormalSoftwalk Meredith - Grey's Anatomy Profess Multi Mosaic - 9.5 Medium , vogue Womens Slingbacks Pointy Toe Bowknot Sweet Low· Heels Pumps ShoesBLACK OR RED PATENT SUEDE HIGH BALLET BOOTS SIZE 6-16 HEELS-8' - PRODUCER POLANDE! Live from the Red Carpet Rhinestone Silver Leather Metallic 8 M New StilettoNEW Ralph Lauren Black Leather Pointed Toe Slingback Classic Pumps 7.5 B $120 , New AUTH Prada Calzature Donna Black Suede Heel US 8 $795Nina Vance Perforated Slingback Sandals 125, Black, 8 US , TOD'S Design Platform fits US9 black comfortable Italy good cond 450$ value DealAsics Comutora MX Grey Camo White Men Running Shoes 1021A013-020NEW ADIDAS CAMPUS (CQ2074) ADIDAS ORIGINALS CASUAL SHOES SNEAKERSMr/Ms Nike Blazer "ugly Ducklings" Reputation first Wholesale trade buy online , Under Armour UA Highlight Lux MC Football Cleats 1297953-413 Msrp $130 CQNEW NIKE KYRIE 4 N7 SHOES MENS SZ 14 AT0320 400 STANDING ROCK SIOUX TRIBERare Vintage 1984 Nike Aloha Hawaii Mens 8 84 OLYMPIC SAMPLE COLORWAY 840103 PYI , Santoni Mens ITALIAN MADE Leather 100%Authentic New In Box USA SellerNike Zoom MW Posite QS 637840-010 Foamposite Boots Metallic Silver Camo Black DSConverse All Star Hi Leather Chuck Taylor Men Shoes Black White NEW , CHURCH'S CUSTOM GRADE BLACK PENNY LOAFER/SHOE! LINED/MADE IN ENGLAND 11G , INC NEW 10 M Tracy Brown zip up Buckle detail boots heelWomens Tall Rain Boots Featuring Graffiti Artwork Waterproof Wellies Size 10 , ASH Gong Hidden Heel Booties Size 40 , Women's Ankle Boots Mid Block Heel Pointy Toe Shinning Back Zip Clubwear Casual , Splendid Gray Booties - Women's size 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Marc Fisher Women's Booties Cahoot2 High mogochinese-29077 Heel Booties Women's Shoes Marc Black 10M 6559c81